Prairie Provident Reports Revenue Decline and Debt Reduction

Prairie Provident Resources (TSE:PPR) has released an update.

Prairie Provident Resources has reported a challenging fiscal year for 2023, with a 34% drop in revenue to $79.8 million, influenced by lower production and crude oil and natural gas prices. The company also decreased its net debt by CAD$67.2 million following a recapitalization initiative, which included a debt-for-equity settlement and asset sales. Despite this, the company faced an 8% increase in operating expenses per barrel of oil equivalent (boe), underscoring the financial pressures in the energy sector.

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